Burlington Development Corporation
- Assets
- $13.8m
- Revenue
- $151.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, NC
- Founding
- 03/2000
- Data as of
- 09/2023
- EIN
- 56-1878125
Organization Overview
Burlington Development Corporation is located in Burlington, NC. The organization was established in 2000. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Burlington Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Burlington Development Corporation generated $151.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.4%) each year. All expenses for the organization totaled $187.7k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (5.7%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
BDC'S GOALS AND OBJECTIVES ARE TO ENGAGE IN OR ASSIST IN DEVELOPMENT, FINANCING AND/OR THE OPERATION OF HOUSING FOR LOW-INCOME PEOPLE AND FAMILIES AND TO PROVIDE SUPPORTIVE SERVICES NECESSARY FOR THE RESIDENTS TO BECOME ACADEMICALLY SUCCESSFUL AND ECONOMICALLY SELF-SUFFICIENT. BDC STRIVES TO CHANGE THE PUBLIC HOUSING CULTURE, VALUES AND BEHAVIOR THROUGH POSITIVE INCENTIVES DOE RESIDENT SELF-SUFFICIENCY, PROVIDING PROGRAMS AND SERVICES THAT EMPOWER RESIDENTS AND COLLABORATION AND PARTNERSHIPS THROUGHOUT THE COMMUNITY TO MEET THAT END.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS AND OTHER PROGRAMS AND LEARNING EXPERIENCES TO CONTINUE EDUCATION FOR LOW AND VERY-LOW INCOME PERSONS. PROVIDE OPPORTUNITIES FOR LOW AND VERY-LOW INCOME FAMILIES TO MOVE FROM ASSISTED HOUSING. IN ADDITION, THE BURLINGTON HOUSING AUTHORITY CONVERTED USING HUD'S RAD PROGRAM AT THE END OF THIS FISCAL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Veronica Revels President | OfficerTrustee | 2 | $0 |
Charles Carter Trustee | Trustee | 0.5 | $0 |
Millicent Cash Trustee | Trustee | 0.5 | $0 |
Reggie Wilson Trustee | Trustee | 0.5 | $0 |
Michael Graves Trustee | Trustee | 0.5 | $0 |
Melinda Freeman Vice President | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $58,356 |
| All other contributions, gifts, grants, and similar amounts not included above | $70,094 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $128,450 |
| Total Program Service Revenue | $0 |
| Investment income | $23,282 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $151,732 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $73,112 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,229 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,142 |
| Insurance | $750 |
| All other expenses | $10,417 |
| Total functional expenses | $187,650 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,216,787 |
| Savings and temporary cash investments | $829,010 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $32,152 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,785,310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,959,838 |
| Total assets | $13,823,097 |
| Accounts payable and accrued expenses | $42,270 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $50,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $92,270 |
| Net assets without donor restrictions | $13,730,827 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,823,097 |